PPL posts Rs29.76bn profit in 3QCY23, up by 13% YoY

October 30, 2023 (MLN): Pakistan Petroleum Limited (PSX: PPL) 's profitability rose by 13.03% YoY, clocking in its profit after tax at Rs29.76 billion [EPS: 10.94], compared to the Rs26.33bn [EPS: 9.68] profit reported in the Same Period Last Year (SPLY).

Going by the results, the company's revenue from contracts with customers rose by 7.13% YoY to Rs78.01bn as compared to Rs72.82bn in SPLY.

The cost to sell for the company involves operating expenses royalties and other levies.

The operating expenses increased by 9.68% YoY to Rs12.74bn in 3QCY23. While the royalties and other levies inched down by 0.76% YoY to Rs12.48bn during the review period.

 As the sales increase was greater than proportionate to the increase in costs to sell, the gross profit improved by 8.56% YoY to Rs52.8bn.

On the expense side, the company observed a rise in Exploration expenses by 18.37% YoY and other administrative expenses by 2.92% YoY to clock in at Rs2.06bn and Rs1.24bn respectively during the review period.

Conversely, the other charges incurred by PPL fell by 6.41% YoY to stand at Rs4.24bn during the review period.

The profit and loss statement further shows that the other income dipped by 19.57% YoY to stand at Rs3.88bn in 3QCY23 as compared to Rs4.82bn in SPLY.

The company’s finance costs grew by 21.75% YoY and stood at Rs429.35m as compared to Rs352.64m in 3QCY22, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs18.1bn against the Rs19.26bn paid in the corresponding period of last year, depicting a rise of 6% YoY.

PPL and KSE-100 YTD Performance

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